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Morocco: 6.3 Mln E-Commerce Transactions in Q1 2022

During the first quarter, Morocco recorded a total of 6.3 million payments by bank cards (Reuters)
During the first quarter, Morocco recorded a total of 6.3 million payments by bank cards (Reuters)
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Morocco: 6.3 Mln E-Commerce Transactions in Q1 2022

During the first quarter, Morocco recorded a total of 6.3 million payments by bank cards (Reuters)
During the first quarter, Morocco recorded a total of 6.3 million payments by bank cards (Reuters)

E-commerce websites and billers' websites affiliated to the Interbank Electronic Banking Center (CMI) have carried out 6.3 million online payment transactions via Moroccan and foreign bank cards, for a total amount of 2.3 billion dirhams ($230 million) during the first quarter of 2022.

The e-commerce activity is up 34.4 percent in number and 19.3 percent in amount compared to the same period of 2021, says the CMI in its latest report on the Moroccan electronic money activity.

The online payment activity of Moroccan cards showed an increase of 34.9 percent in the number of transactions to 5.9 million in the first quarter of 2022, and 15.1 percent in the amount to 2 billion dirhams ($200 million) in Q1-2022, the same source adds.

Regarding the activity of online payments of foreign cards, it has increased by 25.8 percent in number of transactions, to 388,000 transactions and by 63.3 percent in amount, to 272.4 million dirhams, says the CMI.

It noted that the activity is still very strongly dominated by Moroccan cards to the tune of 93.8 percent in number of transactions and 88.2 percent in amount.

The report also shows that merchants and e-merchants affiliated to CMI recorded 30.9 million payment transactions, by Moroccan and foreign bank cards, for a total amount of 12.1 billion dirhams, up 27.5 percent in number of transactions and 22.1 percent in amount.

By sector of activity, payments by Moroccan and foreign bank cards (in terms of volume) were made in the retail sector (22.7 percent), followed by the clothing sector (9.5 percent), gas stations (8.6 percent), restaurants (8.1 percent), hotels (7.2 percent), health (5.5 percent), furniture & electronics (4.8 percent) and other sectors (33.6 percent).

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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
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IMF Approves Third Review of Sri Lanka's $2.9 Bln Bailout

Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage
Peter Breuer, Senior Mission Chief for Sri Lanka at the IMF along with Katsiaryna Svirydzenka, Deputy Mission Chief for Sri Lanka at the IMF and Martha Tesfaye Woldemichael, Deputy Mission Chief for Sri Lanka at the IMF, attend a press conference organized by the International Monetary Fund (IMF) in Colombo, Sri Lanka, November 23, 2024. REUTERS/Thilina Kaluthotage

The International Monetary Fund (IMF) approved the third review of Sri Lanka's $2.9 billion bailout on Saturday but warned that the economy remains vulnerable.
In a statement, the global lender said it would release about $333 million, bringing total funding to around $1.3 billion, to the crisis-hit South Asian nation. It said signs of an economic recovery were emerging, Reuters reported.
In a note of caution, it said "the critical next steps are to complete the commercial debt restructuring, finalize bilateral agreements with official creditors along the lines of the accord with the Official Creditor Committee and implement the terms of the other agreements. This will help restore Sri Lanka's debt sustainability."
Cash-strapped Sri Lanka plunged into its worst financial crisis in more than seven decades in 2022 with a severe dollar shortage sending inflation soaring to 70%, its currency to record lows and its economy contracting by 7.3% during the worst of the fallout and by 2.3% last year.
"Maintaining macroeconomic stability and restoring debt sustainability are key to securing Sri Lanka's prosperity and require persevering with responsible fiscal policy," the IMF said.
The IMF bailout secured in March last year helped stabilize economic conditions. The rupee has risen 11.3% in recent months and inflation disappeared, with prices falling 0.8% last month.
The island nation's economy is expected to grow 4.4% this year, the first increase in three years, according to the World Bank.
However, Sri Lanka still needs to complete a $12.5 billion debt restructuring with bondholders, which President Anura Kumara Dissanayake aims to finalize in December.
Sri Lanka will enter into individual agreements with bilateral creditors including Japan, China and India needed to complete a $10 billion debt restructuring, Dissanayake said.
He won the presidency in September, and his leftist coalition won a record 159 seats in the 225-member parliament in a general election last week.